Question: John operates a bakery and his production function per week is given in the table below. The current equilibrium weekly wage in the labor market

John operates a bakery and his production function per week is given in the table below. The current equilibrium weekly wage in the labor market is $400 per week and his fixed costs are equal to $300 per week. John sells each cake produced at his bakery for $10.

Quantity of Labor (workers) Quantity of cakes
0 0
2 200
4 350
6 450
8 500

a. Find the marginal product of labor for each worker (2 points)

Quantity of Labor (workers) Marginal product of labor (cakes per worker) VMPL
0
2
4
6
8

Find the revenue, marginal revenue, total cost, and marginal cost for each quantity of cakes given in the table. (4 points)

Quantity of cakes Revenue MR Total Cost Marginal Cost
0
200
350
450
500

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